Philippine firm Navegar has taken a stake in leading digital transformation company Micro-D International Inc. (MDI), together with its fully-owned subsidiary Novare Technologies, in a sign of the private equity firm’s commitment to empowering tech-enabled and tech-focused companies in the country. The investment, occurring after the recently announced transaction with Japanese PE firm Advantage Partners (AP), comes at an opportune time when companies have prioritized digital transformation to support their operations in order to meet the evolving needs of their customers.
The exact amount of the transaction remains undisclosed but it is estimated to be another multi-billion peso investment. The investment from the two private equity firms will enable MDI Novare to further its capabilities to deliver cutting-edge digital transformation projects for the country’s top corporations and to expand regionally to tap other growing markets.
“MDI Novare slots right into our strategy of backing top Philippine companies with immense growth potential.” said Nori Poblador, Partner at Navegar. ” We’re thrilled to partner with both the local management team and Advantage Partners to turbo-charge the company’s growth.”
Myla Villanueva, Founder and Chairwoman of MDI Novare and one of the Philippines’ technology pioneers, added, “As we continue to innovate our services and solutions, partnerships like these reaffirm our vision of building a globally recognized, Filipino champion in technology.”
“This involvement from the premier private equity firm in the country, which shares an understanding of how digitalization will transform entire industries, is a testament to its confidence in MDI Novare and its mission. We look forward to working with Navegar in the next chapter of our growth story,” said Villanueva.
Emmett Thomas, AP’s Head of Asia commented, “We are delighted to welcome Navegar as a co-investor in MDI Novare. With its expertise in the local market and a proven track record of shepherding companies, including the Nasdaq-listed digital outsourcer TaskUs, through stages of hyper-growth, we see many synergistic opportunities ahead.”
Established in 2012, Navegar provides growth capital to local companies. To date, it has more than $300 million in assets under management and has acquired stakes in companies including Intellicare, TaskUs, and The Bistro Group.